Friday, October 13, 2017

Benjamin Fulford Special Update - Cryptocurrency State of Play – Special Report from the WDS

The purpose of this article is to summarize the financial and economic
state of the world and the potential for cryptocurrency technologies to
replace existing financial systems. We delve into some of the many
interesting new cryptocurrency startup projects that are springing up,
and also explore the more esoteric and nefarious side of the growing
cryptocurrency world.

As anyone with half a brain is already aware, the existing global
financial system is on its last legs. For those who are not yet
convinced, we would simply point to bond guru Bill Gross’ succinct 2016 tweet:
“Global yields lowest in 500 years of recorded history. $10 trillion of
neg. rate bonds. This is a supernova that will explode one day”. In
fact, Bill Gross may have been off by a factor of 10. There is some
evidence that recent interest rates are actually at the lowest level in
approximately 5,000 years.

After the global financial crisis of 2008, something happened that no
one ever dreamed was possible… developed-world interest rates dropped to
zero and then actually became negative for some market participants.
As bizarre as this sounds, what it means is that many market
participants are actually paying to lend out money and, likewise, others
are getting paid to borrow money. It’s a topsy-turvy, upside-side down
world we are living in. Suffice to say that the existing financial
system is completely broken, and there is no easy way out of the
financial mess that the world is in.

In some sense you could say that the financial end-of-the-world happened
in 2008, and since then we have been living on “borrowed time”. So,
many observers have been expecting a global currency reset (GCR) since
the global financial crisis (GFC) of 2008. But why hasn’t it happened
yet, and when and if it does happen, what form will it take? Observers
like James Rickards have for years been talking about the International
Monetary Fund (IMF) taking over
as the world’s central bank. The story goes something like this:
since all developed-world countries are equally bankrupt, they will come
together and agree to “kick the debt up one level higher” to the IMF,
and then the IMF’s Special Drawing Rights (SDR) will become the “one
world currency”. It’s also possible that individual countries will take
unilateral or bi-lateral actions to reform the USD or to bring an end
to the its reign as the world’s reserve currency, and indeed the process
of de-dollarization is accelerating.